Staff recommends approval.

On February 11^th, March 11^th, April 8^th, and April 22^nd, 2021, the Independence Tax Increment Financing Commission met to consider the proposed First Amendment to the Crackerneck Creek Tax Increment Financing Plan (TIF Plan). 

The TIF Commission heard testimony during the Public Hearing and adopted Resolution 2021-01 following the hearing, which recommends the Council adopt an ordinance approving the First Amendment to the Crackerneck Creek Tax Increment Financing Plan and memorializes capital contributions to be made by the residential project developer directly to the taxing jurisdictions prior to the issuance of a building permit.  These capital contributions are to replace a portion of revenues taxing jurisdictions may lose over the remaining 6 years as a result of the residential development within this TIF.

The memorandum from Gilmore & Bell provides a summary of the Plan.

Any new funds collected as Payments In Lieu of Taxes (PILOTs) and Economic Activity Taxes (EATs) within the Redevelopment Areas will be deposited in the Special Allocation Fund.  All additional revenue generated because of the residential development will reduce the City’s amount needed to cover bond payments.